Aligning data to increase accountability

Global Canopy is delighted to be launching a groundbreaking programme focused on bringing together the best data available to improve metrics on deforestation

The Aligned Accountability project responds to the growing demand from companies, financial institutions and governments for the best possible information on how market actors can go further to tackle their impacts on forests and nature, and will draw on partnerships with the Accountability Framework Initiative, ZSL SPOTT, the Stockholm Environment Institute, and London-based fintech innovator Neural Alpha.

Supported by a five-year grant from the Norwegian government, the aim of the Aligned Accountability project is to provide the evidence-base to guide more sustainable investment and enable the finance sector to develop innovative green products. It will also support effective due diligence, providing relevant data.

“‘Aligned Accountability’ is just what the investment community needs if we want to ensure we are not fuelling deforestation. Robust and standardised deforestation metrics need to be made available on the mainstream ESG data platforms we use every day as investors. Achieving this would significantly strengthen the ‘E’ of ESG metrics, which have historically been so weak.”

Emine Isciel, Head of Climate and Environment at Storebrand

“Our new Aligned Accountability project builds on the excellent work already underway through our Forest 500 and Trase Finance projects to shine a light on corporate action and deforestation risk, and support more sustainable financing decisions. Alongside our contribution to the Taskforce on Nature-Related Financial Disclosures, the programme will allow us to join the dots across the initiatives and create a powerful evidence base to help tackle the nature and climate crisis.”

Niki Mardas, Global Canopy’s Executive Director

Mardas continued:

“Many forward-thinking financial institutions are already looking at how to address climate and nature risks. This project will support those efforts by identifying the metrics and best practice needed to ensure they can address deforestation effectively.”

Recruitment is already underway, with new roles for a Research Associate, Sustainable Finance Lead and Project Manager to support the project, and more to follow.

The roles will work closely with the finance sector and Environmental Social and Governance (ESG) data service providers to identify key data gaps and to determine best practice in improving risk management for financial institutions investing or lending to companies linked to deforestation.